After the note ban of INR 500 and 1,000 people all over the nation started facing financial problems. Let it be a regular person or a business professional, every person had issues related to money transactions.
Even when the online and virtual wallets are available for every kind of transaction, the limit of wallet being INR 10,000 made it difficult for small merchants and shopkeepers to cop up with their business
However, the RBI has increased the limit of wallet money for all virtual apps to almost double. The new limit of wallet has been changed to INR 20,000. This is a big relief for normal people and small merchants. The commercial accounts can keep a wallet amount of INR 50,000 which will gain a big lash in the virtual market too.
Every person is now changing to online transactions and this has resulted in more legal cash transactions and flow of money. The hassle free processes have attracted a tremendous amount of people to join these apps on a daily basis.
The governor of RBI said that this will be a huge step towards the fight against black money. With a legal flow of money in the market there will be a relatively big increase in the international market too. Digital India will not be far from here anymore.
The owners of the virtual money apps are also happy with this decision and say that this is a major step for their business to flourish too and will result in more business along with new employment opportunities.
Tweet from PayTM owner ;
— Vijay Shekhar (@vijayshekhar) November 22, 2016